Salem Five Bank Bonus, Get $300 After $2K Direct Deposit

Salem Five Bank has a new bonus for $300 for new checking account. This Salem Five Bank bonus requires a direct deposit of $2,000 or more, and is available in MA and NH only. The application will likely result in a hard pull on your credit report based on previous data points.

Offer

To qualify for the $300 offer:

Open a new account and deposit at least $10
Have a cumulative direct deposit of $2,000 or more made within 90 days of account opening. Direct deposit is reoccurring income electronically deposited into your checking account for purposes such as payroll, pension, or government benefits. Person-to-Person payments, payments through third parties such as PayPal, and bank transfers between accounts, do not qualify as a direct deposit.
Must provide reference code 2021OCT300 to branch employee if opening the account in branch.

The one-time $300 offer will be deposited into the new account within 60 days of meeting the offer criteria.

Eligibility

Must reside in Massachusetts or New Hampshire.
Must be at least 18 years of age.
Offer is not available to customers with an existing personal checking account at Salem Five Bank. Closed accounts that were opened at any time in the 6 months prior to account opening are considered existing accounts for the purpose of qualifying for this promotion.
Only one offer per customer and one per household. Household is defined by address.

Fees

Open Account doesn’t have any monthly fees.

The account must be open with a positive balance to receive the $300 offer.

Guru’s Wrap-Up

This is a good bonus. To get the $300 you need to have cumulative direct deposit of $2,000 or more made within 90 days. The account doesn’t have any fees, so that makes it easier to wait for the bonus to post. But the main issue with this bank is that it is a hard pull. I haven’t seen any data points in a while, but please let me know if you have any knowledge if that has changed.

If this bonus is not for you, then you can check our full list of available bank bonuses. If you’re new to bank account bonuses, you can learn more about churning bank accounts here.